Research Nester has released a report titled “Voting System Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global voting system market in terms of market segmentation by component, EVM system type, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global voting system market is segmented by component into control unit, balloting unit, software, services and others, out of which, the control unit segment held the largest market share of 39% in the year 2018, along with a value of USD 346.5 million in the year 2018. Moreover, the segment is anticipated to grow with a CAGR of 5.42% during the forecast period, i.e. 2019-2027, and further reach a value of USD 557.2 million by the end of 2027. On the other hand, the segment in the voting system market is anticipated to hold an incremental $ opportunity of USD 28.6 million in the year 2027 as compared to the previous year and gain an absolute $ opportunity of USD 191.9 million during the forecast period.
The global voting system market is anticipated to achieve a CAGR of 5.14% during the forecast period. Backed by the increasing internet penetration, coupled with the introduction of smart devices and the numerous factors accompanies with voting systems, such as easy accessibility, are some of the factors anticipated to promote the growth of the global voting system market. Moreover, factors such as rising demand for online voting systems in end user industries, such as industrial organizations, government parties, educational universities and colleges, along with rapid urbanization across the globe are additionally anticipated to contribute towards the growth of the global voting system market.
Regionally, the global voting system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in Asia Pacific is primarily driven by nations such as India, Philippines and Bhutan, out of which the market in India reached the largest value of USD 179.1 million in the year 2018. On the other hand, the Asia Pacific voting system market held the largest market share of 35.99% in the year 2018 and is further anticipated to reach a market value of USD 519.6 million by the end of 2027 from a value of USD 319.8 million in the year 2018, by registering a CAGR of 5.54% during the forecast period. Furthermore, the market in the region is also anticipated to grow by 1.54x during the forecast period, along with an absolute $ opportunity of USD 182 million during the forecast period.
Increasing Internet Penetration and Easy Convenience of Voting Systems
With the advancement in technology, the adoption rate of mobile devices and its usage amongst the population has increased massively. Owing to such a factor, the increasing rate of adoption for advanced technological systems amongst the consumers which helps to technologies to upgrade their lifestyle and to grow their productivity has also increased massively. On the other hand, voting system provides numerous benefits, especially the freedom of voting from any part of the nation. As such, it is highly beneficial for people with physical disabilities, as moving to a poll booth for voting is a challenge for many such voters. Moreover, evolution in the voting system technology, increasing worldwide population and the rising number of industrial organizations and government parties worldwide that compete for different types of polls are some of the factors anticipated to drive the growth of the global voting system market.
However, concerns regarding the unavailability of proper infrastructure for utilizing voting systems, along with the lack of proper knowledge for the use of voting systems and the growing cost of deployment for voting systems are some of the factors anticipated to limit the growth of the global voting system market.
This report also provides the existing competitive scenario of some of the key players of the global voting system market, which includes company profiling of Unisyn Voting Solutions, Clear Ballot, MicroVote General Corporation, Avante International Technology, Inc., Election Systems & Software, LLC, OpaVote LLC, Hart InterCivic Inc., Simply Voting Inc., Dominion Voting Systems and Interactive Voting System B.V. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global voting system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.